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Singapore-based cryptocurrency exchange Bybit has announced a partnership with Cabital, the world’s leading digital financial institution.
The partnership aims to integrate Cabital’s fiat on-ramp, allowing Bybit cryptocurrency trading platform users to directly use EUR and GBP, two fiat currencies, to buy cryptocurrencies with lower costs of gas fees.
Bybit also said no additional deposit fees for transferring cryptocurrencies between Bybit and Cabital wallets.
The partnership is the first to use its fiat ingress and egress infrastructure for cryptocurrency transactions. This widens the entry points for users who want to step into the cryptocurrency space and diversifies their investment portfolios.
Ben Zhou, co-founder and CEO of Bybit, said he was looking forward to the new cooperation with Cabital, adding that:
“We at Bybit are thrilled to embark on this new partnership with Cabital, and look forward to empowering folks from all walks of life in realizing their financial goals through crypto. Let’s revolutionize the industry together.”
Raymond Hsu, co-founder and CEO of Cabital, said that the partnership could help bybit users more secure and seamless through the off-chain settlement mechanism with Bybit, resulting in high gas fees and providing customers with more competitive prices.
The crypto exchange was founded in 2018, providing online spot and derivatives trading services, cloud and DeFi mining products, as well as API support to institutional and retail clients, according to their official website.
Image source: Shutterstock
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